Question

How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly?

Hint: Set up the problem using the formula: A=P(1+r/n )^nt.

Answer 1

2p=p(1+0.0075/12)^12t
12t=log(2)/log(1+0.0075/12)
Can you solve for t